Refer to the summary of variances in Exercise 11-16. At Bell Computers, the ending balance in Finished Goods Inventory is $117,000; the ending balance in Work in Process Inventory is $54,000, and the balance in Cost of Goods Sold is $437,500.
Exercise 11-6

Required
Prepare a journal entry to close the variance accounts at Bell Computers. Assume that the total variance is material and is apportioned among Finished Goods Inventory, Work in Process Inventory, and Cost of Goods Sold.

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Bell Computers Variance Summary For the Year Ended December 31, 2018 ($ 3,600) favorable 3,900 unfavorable Material price variance Material quantity variance (1,650) favorable Labor rate variance Labor efficiency variance 5,650 unfavorable Controllable overhead variance 2,550 unfavorable Overhead volume variance 4,270 unfavorable $ 11,120 unfavorable Total